Starting the Year Off Strong: Rising Sales Prices I March 2024

03-6-2024 | Utah Housing Market Data

Spring’s here early with these 🔥 stats

Hi friends,

Is it just us or is 2024 flying by already? We can’t believe we already have two months of the year under our belt.

Whether you’ve spent these last few months wrapped in a blanket and reading a great book or hitting the slopes with friends and family, we hope winter has treated you well!

In spite of January and February’s reputations as slower real estate months, median sales prices have been rising since the new year! In January, median sales prices increased 5% compared to the October, November, and December average. February’s median sales price rose by 6% from the last three months’ average.

Early 2024 also ushered in a 6% uptick in the number of homes sold, 5% reduction in average days on market, and 18% decrease in Months Supply of Inventory.

While this unexpected pop of late winter/early spring momentum reduced Months Supply of Inventory compared to the last three months’ average, housing inventory is still on the rise.

There are 15.6% more homes for sale now compared to the same week last year, yet 40% less homes for sale today than in 2019.

What does this mean for homeowners interested in listing? You can sell your home for a higher price without facing as much competition from other sellers. Check out all our recent sales for proof.

The Spring real estate market is warming up faster than expected, as evidenced by January and February’s numbers. When it comes to listing, the early bird really does get the worm.

We often say there’s no “best” time to sell or buy – this decision should be guided by your own evolving needs rather than the market.  While this is true, searching for a home is far more enjoyable when the weather is nice! Now is the time to get a head start on the busier Spring/Summer season.

Whether you need a larger backyard for your growing family, a shorter commute to work, or more room for friends to visit, our team would love to connect you with your perfect next step. Start your journey today by shooting a to 801.949.9878 or emailing julia@splanhomes.com

On a personal note: We’ve loved every second of snowy adventure, but we are so excited for longer days, warmer weather, and more opportunities to work beside clients like you!

Looking forward,

Julia and Kate Splan

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